Transamerica cutting 120 jobs in Cedar Rapids

CEDAR RAPIDS, Iowa (AP) — An insurance company says it will lay off about 120 people at its Cedar Rapids office.

Transamerica announced Thursday it would cut the Cedar Rapids jobs as part of moves that also include the closure of offices in Los Angeles, Folsom, California, and West Chester, Ohio, during 2017. A total of 800 jobs will also be eliminated in other locations, including the Cedar Rapids cuts.

Baltimore-based Transamerica sells life insurance and retirement products including mutual funds and annuities.

Prior to layoffs it had about 10,000 employees nationwide with 3,500 located in Cedar Rapids.

In a statement, the company says it made the cuts to increase efficiency and reduce costs.

The company says it will offer “separation benefits for eligible employees, including outplacement services.”